Sri Lanka’s sea foods export earnings have been reportedly hit badly due to the ban imposed by the European Union on the island’s marine products exports.

According to the Central Bank of Sri Lanka’s latest data, Sri Lanka’s marine product export earnings have dropped by 23.8 per cent during January 2015.

Sri Lanka earning USD 21.7 million through the export of marine products during January 2014 and this amount dropping to USD 16.6 million in January 2015 is a notable feature.

The European Union recently suspended the purchase of marine products from Sri Lanka on allegations that the island’s fishing vessels violate maritime boundaries and this ban is still in force.

Several marine product exporters said that they risk their business being closed down due to this ban.

Meanwhile, the Central Bank’s latest data also reveal that Sri Lanka’s earnings through tea exports in January 2015 have also dropped by 2.2 per cent to USD 113.5 million.

While Sri Lanka earned USD 116.1 million through the export of tea in January 2014, the drop in earnings this year has been due to the drop in tea prices in the world market.